India's restrictions on imports of refined palm oil will lead to a price war between the world's two biggest suppliers of the commodity, Indonesia and Malaysia, the Palm Oil Refiners Association of Malaysia said on Thursday.
The Indian Ministry of Commerce and Industry issued a notification on Wednesday declaring that the import of refined palm oil "is amended from 'Free' to 'Restricted.'
"This puts Indonesia and Malaysia at loggerheads," Jamil Haron, chairman of Palm Oil Refiners Association of Malaysia, told Reuters. "There will be a price war between Indonesia and Malaysia, and we are at the losing end."
Source: moneycontrol.com